Financial Daily from THE HINDU group of publications
Saturday, Jun 21, 2003
Financial Daily from THE HINDU group of publications Saturday, Jun 21, 2003 |
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Industry & Economy
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Foreign Trade PM visit set to fortify ties with China G. Srinivasan
NEW DELHI, June 20 THE imminent visit of the Prime Minister, Mr Atal Bihari Vajpayee, to China is likely to strengthen the robust bilateral commercial relations between the two countries, besides enabling both countries to clarify several important issues with international bearing. Official sources told Business Line that the fact that the Commerce and Industry Minister, Mr Arun Jaitley - now in Cairo for the mini-Ministerial of the WTO issues - would join the Prime Minister's delegation early next week shows that India was keen on strengthening existing commercial ties, besides expanding them to new and mutually fruitful areas. With both India and China being in continuous reform mould for several years, they stand to gain much by way of interchange of expertise, experience and trade. New Delhi is viewing China as a uniquely placed vast market where India could compete its wares using its comparative advantages in factor endowments compared to developed countries. Some of the well-known Indian companies have already set up base in China to produce not only for the Chinese market but also to other countries where the Chinese expatriate population is considerable. Figures maintained by the Department of Commerce show that India's exports to China had almost doubled in fiscal gone by. Some of the commodities that displayed spectacular growth during the period include primary and semi-finished iron and steel, which grew by 3,824 per cent, iron and steel bar/rods by 827 per cent, man-made staple fire by 613 per cent, and processed minerals by 522 per cent. Of late, commercial ties seem to have suffered a mild jolt due to India imposing anti-dumping duty on several products. Sources said that this misperception has been laid to rest. Though the major products found to have been dumped from China fall under chemicals and pharmaceuticals and steel and engineering items, the sources said that the Directorate-General of Anti-Dumping and Allied Duties (DGAD) had never intended to single out China for anti-dumping measures.
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